XYO network: Connecting dApps to the Real World

It won’t be very long until automated daily work becomes a part of our routine. However, self-driving vehicles and package-delivering drones cannot come into our lives until the biggest problem of location data is solved. And that problem is trust.

Location data is extremely important as in some cases you literally trust it with your life. And the only way to avoid hackers’ attacks on your safety is to secure information through the mathematical principles of cryptography.

XYO Network is building the world’s first, people-powered location network using blockchain technology.

For the last several years, the XY has been developing technologies that are critical to bringing blockchain to the offline world. First, they’ve created a location-based consumer product to get Bluetooth and GPS tracking beacons out into the world. And second, they’ve developed research within the realm of location-focused blockchain technology so it is no longer limited to the online world.

The company behind XYO Network is called XY. XY has managed to become the leader in the world of findable technology with Bluetooth and GPS tracking devices that allow everyday consumers to track real-world items in real-time, right from their smartphones.

Currently, XY has over 1 million location beacon devices in circulation — the world’s largest network of Bluetooth & GPS devices.

The XYO Network makes it possible for smart contracts to access the real world by using the XYO Network’s ecosystem of devices to determine if an object is at a specific XY-coordinate. If it is, one can set up applications which execute transactions in a smart contract.

This means that packages can be tracked the whole way and e-commerce stores like Amazon.com could use the XYO Network to allow customers to pay for a product only when it arrives at their home.

The possibilities are not only limited to E-commerce developments, but a lot of other businesses like car rentals, airlines, insurance, and security companies can also benefit from using the XYO Network.

XYO Token

XYO is an ERC-20 utility token for the XYO Location Network that is necessary if one intends to use the XY Oracle Network in their Ethereum Smart Contracts.

Lumi Wallet allows you to create an XYO wallet where you can store and manage (send and receive) your tokens.

To create the wallet, go to the Wallet section in your app and tap on the ‘Add more Wallets’ icon. Search the token by name and add it to the list. You can easily organize the wallet order the way you want to see it by manually moving the necessary wallets to their new places.

To receive XYO tap on the receive coin icon in your wallet and you will get the QR-code of the transaction and the address that you should give to the sender.

If you wish to send XYO tokens to someone you can easily do it by tapping on the Send button and filling in the address of the XYO token wallet and entering the required amount of tokens. Check the transaction details and confirm it.

About Lumi

Lumi Walletsupports top-500 ERC20 tokens from the Сoinmarketcap’s list and coins like BTC and ETH. Lumi users are able to store, buy, and sell their digital assets safely and with no hassle with the help of our easy-to-use and colorful interface.

We are always happy to have a chat on our Telegram and continue to share the most interesting news and articles about blockchain and cryptocurrency industries on our Twitter, Facebook, and Reddit pages.

Categories

Download Lumi App

Related Posts

Store and manage your LRC in Lumi Wallet Since the crypto industry is still relatively young, our currency managing routine circles around various exchanges. Everyone who’s into crypto dedicates a lot of time and effort Read more…

FunFair: Blockchain Solutions For Gaming Are you a player? Do you like gambling? In fact, it doesn’t really matter if you’ve ever tried your fate in an online casino. Almost everyone has a certain idea Read more…

Ever since we have released our new and completely client-side web wallet, the Lumi team has been working on adding ERC20 token support. And we’re happy to finally to cross this task off the list. Read more…